- Two separate law efforts cumulatively more than $ 300 million in crypt
- Cryptographic heavyweights are joining strength with the application of the law
- Freezing assets is not the same as recovering them
The very nature of the block chain often makes the recovery of stolen money through scams almost impossible, however, two separate ads have recently confirmed that more than $ 300 million stolen cryptography assets were frozen by the application of the law.
First, T3 FCU, an initiative built by cryptoes of heavyweights Tron, Tether and TRM Labs, together with Binance, which also helped freeze approximately $ 6 million stolen through several “pork scammers” and romantic scams, has successfully affirmed more than $ 250 million in globally illicit assets in its first year.
“The freezing of more than $ 250 million in illicit assets in less than a year is a powerful testimony of what is possible when the industry joins a shared objective,” said Paolo Ardoino, CEO of Tether.
Freezing and recovery
This came along with a separate ads of Chainysis, which said in the last six months that he collaborated with agencies in North America in two initiatives: Project Atlas (led by the Provincial Police of Ontario) and the Avalanche operation (led by the BC Securities Commission).
Accumulatively, these two operations discovered more than $ 74 million in combined losses and led to the freezing of “tens of millions in illicit funds”, which takes the total to more than $ 300 million.
“Promoted from Canada but in the truly global reach, the Atlas project identified more than 2,000 cryptographic wallet addresses linked to victims of fraud in 14 countries, including Canada, the United States, Australia, Germany and the United Kingdom,” Chainysis explained.
“This global reach underlines both nature without borders of cryptocurrency fraud and the international coordination required to fight it effectively.”
Although none of the reports discusses it, it may be worth mentioning that there is a big difference between “frozen” assets and being seized or recovered. Frozen assets simply mean that scammers are prevented from moving or collecting the funds, but does not mean that the victims recovered their money.
Real recovery and restitution often require long legal proceedings, proof of property and coordination between jurisdictions. A lot of water under the bridge before that happens.
Through Bleepingcomputer
